Technical Market Outlook:
The EUR/USD pair had hit the lows at the level of 1.0761 (technical support from March 15th) and started a pull-back from the extremely oversold market conditions. So far the bounce from the lows was shallow and bulls were rejected from the intraday technical resistance located at 1.0846. The momentum is weak and negative again on the H4 time frame chart, so the bears have the control of the market. The next target for bears is seen at the level of 1.0716 and the down move should resume as soon as the pull-back is done. Please notice, the 61% Fibonacci retracement level is located at 1.0737.
Weekly Pivot Points:
WR3 - 1.08629
WR2 - 1.08403
WR1 - 1.08284
Weekly Pivot - 1.08177
WS1 - 1.08058
WS2 - 1.07951
WS3 - 1.07725
Trading Outlook:
Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle might had been terminated at the level of 1.2080 which is 61% Fibonacci retracement level. The EUR had made a new multi-decade low at the level of 0.9538, so as long as the USD is being bought all across the board, the down trend will continue towards the new lows.
